Financial & Quality of Life Benefits Offered by Wisconsin Employers

It's essential for employers in Wisconsin to provide not just medical and voluntary insurance, but also financial benefits such as a 401k or IRA, as well as benefits that contribute to employee quality of life like flexible scheduling and lifestyle. These advantages are truly beneficial to your workers, whether they work for Johnson Controls or Lambeau Stadium.

In the state of Wisconsin, a 401k retirement plan is an important element of an employee's benefits package. Employees may make pre-tax payroll deductions to their 401k retirement plans and rely on them for pension funding. Employers can also contribute matching funds. An IRA, which is only available through a broker or bank and must be maintained by oneself, is another similar contribution option.

It's crucial to understand the distinction between a defined benefit plan, such as a pension, and a 401k (defined contribution plan). A defined benefit plan promises a specific payment in retirement, whereas a 401k allows both workers and employers to contribute and grow assets for future use. Defined benefit plans, like pensions, have drastically decreased in usage over the last two decades, with governments being the only ones still using them.

Do Wisconsin Employers Offer Retirement Plans for Their Employees?

A 401k is a key component of most companies' employee benefits package. When offered, 81% of Wisconsin businesses offer this benefit to their employees, while 82% participate and take advantage of a 401k plan. Defined contribution plans like these are common among businesses of all sizes. This is the case with almost all large corporations.

Do Wisconsin Employers Offer Bonuses to Their Employees?

Employees enjoy getting a bonus or some kind of appreciation for their efforts. End-of-year bonuses, holiday bonuses, employee referrals, and other non-production bonuses are offered by 51% of the firms in Wisconsin. These incentives can take many forms and may be substantial or modest in amount. The form and size of these awards can vary widely depending on the role and department. It is critical to have well-defined measures that are communicated regularly.

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